Having many Credit cards affect credit score?

Gale Hartt: Instead of answering your question directly I'm going to explain how credit scores are calculated. It's not so much about how many credit cards you have as much as it has to deal with the following:1. Payment historyPayment history counts for approximately 35% of a score. It is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area.If you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history.2. Total debt and total available creditTotal debt and total available credit counts for about 30%. This section looks at how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered! a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred.If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score. The score calculation also looks at these two factors independently.Having too much available credit, whether you have used it or not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit risk. Unfortunately, the bureaus do not define exactly what they consider excessive, so best tip is to use credit conservatively and to keep your debt-to-credit limit ratio low.3. Length of positive credit historyLength of positive credit history counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsib! le about making your payments.4. Mix of types of creditMix of ! types of credit counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score. Having too much of one type of credit can have a negative impact.5. New credit applicationsThe number of new credit applications you have recently completed accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water. The models make an exception for people who are shopping around for a loan, so if you are simply applying to see who can give you the best rate on a new loan, you need not worry too much about damaging your credit score.While you cannot calculate your own credit score accurately, you can review your credit report on the five factors named above to get an idea of whether the accounts listed on your credit report are hurting or ! helping your credit score. You can then take action to improve any potential problems, such as paying down your balances or paying off collection items.I hope this information helps you Find, Save, and Learn.Best,Billwww.bills.com...Show more

Eleni Mccier: You should be relieved to hear that, in most cases, those accounts aren’t hurting your credit scores â€" and are likely even helping them, provided you aren’t carrying a lot of debt. That’s because when it comes to your credit scores, most credit scoring models are primarily interested in how you manage your credit cards, rather than the number of accounts listed.

Madie Strople: The number of credit cards a person has is not important. What is, is how they are paid and if balances are carried how large they are.As long as your cards have a total balance of 30% or less then your total credit your fine.